Takeover activity is heating up in the meat section of the grocery store as Hillshire Brands (NYSE: HSH) is the object of two suitors’ affections.

On Thursday, Tyson Food (NYSE: TSN) offered $6.1 billion for Hillshire, topping the unsolicited $4.5 billion offer for the company recently made by Pilgrim’s Pride (NYSE: PPC). Hormel (NYSE: HRL) has also been rumored to be a takeover target.

Traders and investors looking to get straight to the beef rather than picking potential takeover targets can consider the iPath Dow Jones-UBS Livestock Total Return Sub-Index ETN (NYSEArca: COW) tracks the performance of the Dow Jones-UBS Livestock Subindex Total Return, which is comprised of futures contracts on livestock commodities, including 54.2% in live cattle and 45.2% in lean hogs. The ETN has a 0.75%. [Unheralded Commodities ETN is Mooooving Higher]

COW is up nearly 12% year-to-date. Following a recent pullback, the ETN could be poised to deliver more upside.

COW “found support on a test of the backside downtrend line, just above the prior swing low. COW closed off the lows of the session, but will have quite a bit of overhead now at $31 with the 10 and 20-day MAs pointing lower, and the 50-day MA turning down,” said Deron Wagner of Morpheus Trading Group.

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